| America’s housing market has started to slow down a bit, but southeastern North Carolina is still going strong. CNNMoney.com recently named Wilmington NC as one of the top 10 cities to buy a home. It ranked seventh nationally for potential real estate appreciation over the next five years. |
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Over the past five years home sales had hit record highs as low mortgage rates lured buyers. But the housing sector has lost steam this year as would-be buyers have grown more cautious amid high energy prices and rising interest rates. When asked what happens when mortgage rates and interest rates go up mortgage broker Karen Davis said, “Typically the market slows down somewhat. It takes a little longer to sell a house than it was 12 months ago.” One place realtors and mortgage brokers are not seeing a slowdown is in second-home sales. People are still buying vacation homes here. But unlike a year ago when many were buying purely as an investment, second home buyers now plan on living in their vacation home.
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